"Fertinitro, located in the Jose Petrochemical Complex in Venezuela, ranks as one of the world's largest nitrogen-based fertilizer plants, with nameplate daily production capacity of 3,600 tonnes of ammonia and 4,400 tonnes of urea," the Fitch report said.

Chavez has stepped up nationalizations since his Socialist Party won a reduced majority in a legislative election in September. Last week the government took over agricultural supplies firm Agroislena.

Venezuela's President Hugo Chavez Sunday nationalized Fertinitro, a large fertilizer plant part-owned by private U.S. company Koch and Saipem , a subsidiary of Italy's Eni .
Chavez, a socialist who has put large swathes of the OPEC member country's economy into state...